Indianapolis Times, Indianapolis, Marion County, 20 September 1937 — Page 14

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. STOCKS IN

. loss at 29%.

MONDAY, SEPT.

LOWS

U. S. Issues Follow

“Rails in Lower

i I 4 i I {

Trends.

NEW YORK, Sept. 20 (U. P.).—Prices crumpled 1 to 5 points on the Stock Exchange today with volume running at a rate of more than 2,000,000 shares for a full sessian. Weakness in the rails and|industrials featured early domestic bond tarding today. U. S. Government issues declined 1-32 to 7-32 point. Industrials featured weakness in

curb stocks today in active trading.

The industrial stock average sank to a tnew low for the year. The rail

" avérage was near its low, and the

utility average made a new low since 1932n Hundreds of issues made new lows for the year or longer. The market started the day 1 to 3 points down, met support and rallied in the first hour, and then sank again in the second hour, when margain selling was heavy. Heaviest trading was done {in metal shares. Steel issues were hammered down with U. S. Steel at 86%, off 4 points and Youngstown Sheet & Tube at a new low of 63, off 23. In the non-ferrous metal section new lows were made by American Smelting at 71, off 3'5; Anaconda 40%, off 23: Cerro de Pasco 53%, off 3%; International Nickel 52, off 2; Kennecott 4115, off 2%; Phelps Dodge 3814, off 13, and Howe Sound broke 5 points to 63.

FIRST HOUR

The market broke in active trading. Blocks up to 5000 shares appeared. Then trading quieted and near end of the hour support developed. U. S. Steel dropped to 873s and rallied to 89% and came back to 923;, where it was 2 points lower. General Motors had a point Joss. Nunierous metals went to new lows, including Anaconda, Kennecott

and International Nickel, and show- |

ed only moderate improveme t. J. 1. Case made a new low for the year at 130, off 8%. Rails picked up fractionally from their lows. tilities had fractional declines. Volume approximated [450,000 shares, compared with 240,000 in the first hour Friday. Dow-Jones av-

erages—Industrial 155.43, off 2.40; railroad 41.20, off 0.60; utility 24.31,

off 0.19. SECOND HOUR |

Support disappeared and the market dropped to new lows. Metals led. Anaconda at 397: was off 3%, International Nickel at 51%, off 2%; American Smelting at 7032, off 4; town SO Kennecott at 46, off 3%. Y town Sheet & Tube broke t

ungs62%1,

for 3% loss, and a new low for the

year, while U. S. Steel had 3% loss at 86% and Bethlehem was 2% lower at 73%. Westinghouse touched a new low at 12015, off 4%. | Sears Roebuck and Montgomery @ Ward made new lows for the year. Southern Pacific led rails with 2 points

Volume approximated 360.000 shares, compared with 160,000 in the second hovr Friday. Dow-Jones averages—Industrials 153.43, off 4.40; railroad 41.36, off 0.74; utility 24.12, off 0.38. = i BROKERS’ OPINIONS NEW YORK, Sept. 20 (U.| P.).— Brokerage opinion today: . THOMSON & M’KINNON—We are still hopeful that the current reaction is only an aftermath of the major decline which ended Monday this week and that the ‘market will be able to stabilize itself again. : HORNBLOWER & WEEKS—We prefer’ to regard the market as still being in process of attempting to establish a base for a sustained recovery movement. - E. A. PIERCE & CO.—The question at the moment is whether the selling of Friday and Saturday represents the familiar secondary reaction and testing of the low lows or whether the reaction will extend further. We prefer to maintain a buying attitude but we would withhold aggressive purchases | until there are clearer indications of the market's ability to hold at last Monday's lows. SHIELDS & CO—Many [stocks appear to have discounted any lull in business that may be in pi tospect: but psychology plays such a dominant role in both the market and business outlook that the less favorable outlook for the time being of itself can prove a depressing influence. Buying for the pull will be

lessened while the legislative out-

look is confused, as it probably will be for the remainder of this year, so that only a cautious trading IE is possible. |

CHICAGO PRODUCE

: receipts, 7845 cases; 24%c; extra sts, receipts, 213%¢; “checks, es, Seem ulle (90- score), c; nds, 28%@3 ; Spe=(89 | score),

: roosters, 15@17c;

20, 1987

HIT

FEAR ONE TO

FIVE-POINT BREAK

Curb Stocks

By United Press

d M Ltd ...conn0..n Grd Nat Films ble Oil ....

i i “- .e Lockheed Air ......... 10 McWms Dredge tseevian 1105 . ood}

seesnes

-16 1%

Prudential In P S Ind 6 pf St Regis P

Seiberling RB «eveevsenes Sherwin-

Un Lt & Pwr A

Chicago Stocks

Last 9 3933 12

112% 2Y2

Low

High 9? 9 39%

Armour & CO «cviecnss Borg Warner ... Eruce EL Butler Bros .. Cent & SW U

Cities Service .. Comwlth Edison Comp Ind Gas Cudahy pf Fuller M . Gen Hshld Ut . : Gt Lakes Dredge .... Jarvis

No’west Bancp Penn El Switch Potter Co Reliance Mfg Sears-Roebuck Stan Dredging Swift & Co Utah Radio Prod i & Indus

Zenith Radio ...

Today's Business At a Glance

GENERAL BUSINESS

R. L. Polk & Co. estimates August new passenger car sales in United States at 298,000 units vs. 365,000 in July and 262,912 year ago; truck and commercial car sales were off 3.77 per cent from July, but .97 per cent over year ago. :

CORPORATION NEWS

International Radio Corp. and subsidiary year ended July 31 net profit $180,401, equal to 96 cents a common share vs. $85,102 or 45 cents previous year. International Agricultural Corp. and, subsidiaries year ended June 30 net profit $770,154 equal to 16 cents a common share vs. $23,193 or 23 cents a preference share in previous year. Mead Corp., 36 weeks ended Sept. 4 net income $1,584,631 equal to $2.19 a common share vs. $558,797 Jor 72 cents year ago; 12 weeks net $427,061 equal to 52 cents a share vs. $605,854 or 85 cents year ago. Reliable Stores Corp. and subsidiary, August consolidated net sales $741,778, off 2.6 per cent from year ago; eight months $5,952,221, up 14.1 per cent. Texas & Pacific Ry. Co. eight months ended August 31 net income $1,617,165 equal to. $2.13 a common share vs. $839,376 or 13 cents year ago; August net $105,982 vs. $159,209 year ago.

RAILROAD REPORTS

Baltimore & Ohio R. R. Co. July net loss $365,233 vs. net income $160,459 year ago; 7 months net loss $353,477 vs. $1,820,819 year ago. Gulf, Mobile & Northern Railway Co. July net income $52,742 vs. $51,650 year ago; 7 months $399,274 equal to $12.62 a preferred share vs. $269,403 or $1.77 year ago. Kansas City Southern R. R. Co. August net operating income $362,435 vs. $314,341 year ago; 8 months $2,108,595 vs. $2,114,602 year ago. Louisville & Nashville R. R. Co. July net income $569,821 vs. $736,416 year ago; seven months $4,464,911 equal to $3.82 a share Vs. $4,040,434 or $3.45 year ago.’ Mobile & Ohio Railway Co. July net loss, $5,180 vs. $8,801 year ago; seven months $78,581 vs. $570,546 year ago. 2 ! DIVIDENDS

Reliance Manufacturing Co. (Illinois) regular quarterly 15 cents on common payable Nov. 1 record Oct. 21. State Street Investment Corp. (Boston) regular quarterly 75 cents payable Oct. 15 record Sept. 30. Cudahy Packing Co., omitted dividends on common and preferred | stocks due at this time. United States Sugar Corp, 10 cents on common payable Oct. 10 record Sept. 25 vs. like payment on June 11. (Copyright, 1937; by United Press)

WAGON WHEAT

Ci ain elevators are paying for No. 2 9 $4 : other grades on their merits.

Cash corn, new No. 2 vellow, 90c. Oats,

78 Budd Mfg

EARLY NEW YORK STOCKS

By United Press

BEEBE

Amal Leath Am Bank

P&L 6 pf .

elie

High Low . 14%;

pf. 36 Nove. 95

Rad & SS. 1 Roll Mill ..

Auburn Auto .. Aviation Corp..

Bald Loco ctf.. Balt & Ohio.... Barber Co .... Barnsdall .... Bendix Avn .... Ben Ind Loan.. Beth Steel rts.. Beth Steel .... Beth Steel 7 pf Beth Steel 5 pf Black & Decker Blaw-Knox .... Boeing Air Borden Borg-Warner .. Bdgept Brass ..

13% 17% 213% 18%2 163s 19% 1-32 14% 110 17% 23 17%, 5

Briggs Mfg.... B T . ..f

Bucyrus-Erie .. cede Bulova W .... Butler Bros .... Butte Cop .... Byers A >

Byron Jackson

Callahan Zine.. Calumet & H.. Canada Dry.... Can Dry rts w Can Pacific.... Case J I Caterpillar T.. Celanese . Cent Foundry.. CMSP&P

ison .:. jison pf

5 Cr Cork cupfxw 3

Crown. Zeller .. Cub-Am Sug ... Curtis Pub .... Curtiss-Wr .. . Curtiss-Wr A .. Cutler-Ham ...

Deere & Co ... D Lac & W Diam M pf

14 23%

» 14a — —1

—t

10% 403% 9

638 12% 35 2412 13%2 47s

13% 17% 21

18%2

fis ptid Friar ot

—

LD So

LILLE

t41;

+1:

—

2% 1113 17 Ya

9% 35

101 121;

163 1

2 6312

5 oD

—

NOW =n BI pt bt J

NCIC Cam oS

—

104

veo 11 pf .... 36% Dist Seag pf ww ”

Dixie-Vortex .. i

27% t. 15%

Equit Bldg .... Evans -Prod ...

Fair Morse .. Flintkote Co . Follansbee Freept-Sulphur.

Gen Gen Gen Gen Gen Gen

Paking ... Bronze ... Cable .... Electric .. Motors ... Rty & U.. Gen Time Ins Gillette S R .

Gimbel Bros ... 1

Glidde Gobel, Goebel Brew .. Goodrich year Goodyear Gt Nor Ore ... Gt West Sug .. Greyhound Guant Sug ....

Hack Wat oc... Harb-Walk .... Hat Corp ..... Hayes Bdy ....

51 . 3%

1 146%

104 11 36% 7 183s 30 40% 11

—F—

83, 8%

12 30%

02 16% 30% 1

Hecker Prod ... 10%

Hercules Pdr rts Hershey pf Homestake .... Houston Oil ...

Howe Sound ... 65

Hudson Motor . Hupp Motor ...

Ill Central ....

Indian Ref .... 1

Ind Rayon .... Inland Stl .... Inspiratn Cop . Inter RT .....

Interchem .... 40

Inter Rub . Inter Iron .. Int Agric ...... Int Harvester . Int Hyd E! A . Int Mining .... Int Nickel ..... Int Shoe ....... t T&

sesssan

Intertype «ccc.

Jewel Tea ..... Johns-Man

Kan CS

OW es a Kaufman D 8 .. 25

Kennecott Rone Stl...

nney. ......s» Kroger G & B . Leh P Cem Leh V Coal Lehm .

‘of. Lerner Strs ...

Lou Lou&Nash

62 103%

Y 102

47% 1212

18%

—l—

23 112 34%, 35 13% 58% 19% 13

115 40%

..19 seen. 10 Ludlum Stl

8 19% 15

5 29%,

.. 20%

% — 4

Net Last Change

Ya 1g Ya 1g 3% Vs Ya

- nN

EE RC

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS

| Saturday ......ccieeiennnen 157.83 Week 280 ......co.s0000.0. 158.00 Month 280 ....occsoeoeees.s 181.87 YEAr AZO -:vceovoseosraisnnss 168.90 High 1937, 194.40; low, 157.83 High 1936, 184.90: low, 143.11. 20 RAILROADS Saturday eviveee Week ago Month ago ..... Year ago : High 1937, 64.46; low, 40.77. High 1936, 59.89: low, 40.66. 20 UTILITIES

—4.32 —1.96 -—1.87 —0.03

41.80

24.50 24.39 21.51 34.38 24.39. 28.63.

Saturday Week ago .. Month ago ... Year ago .. High 1937, High 193s,

sees sssessessnsance

31.54; low, 36.08; low, 70 STOCKS Saturday

Week ago Month ago

High 1937, High, 1936,

69.67;

66.38; low, 51.20.

* High Low Last

10%

| — @ -

Fa LL

17 . 70%

15 1% 2233 Va 22Y2 13 25Y4 3s 17% Ya 272 - 9

31%

Nash Kelv .... Nat Biscuit .... Nat Bond Nat Cash Reg.. Nat Dair Nat Disti

Nat Lead

SOUTH ASKS FOR COTTON SUBSIDY

Planters Agitate for Aid Without Restriction On Crops.

EA Ss

Times Special

Uncle Sam already holding 1,600,000 bales of 12-cent loan cotton and lending 9 cents a pound now on a crop estimated at more than 16,000,000 bales, are still dissatisfied. They are organizing to demand a direct governmental subsidy. Many desire a subsidy without any restrictions on planting. )

Chairman “Cotton Ed” Smith (D. S. C.) of the Senate Agriculture Committee may champion their cause. Although he has always been an ardent advocate of loans and sub-

2 | sidies to the cotton farmers, Senator

Smith has never favored Federal curtailment of production. Even Senator Bankhead (D. Ala), author of the Bankhead law ior compulsory cotton control, is off the reservation at the moment and condemning the present governmental policy of 9-cent loans on 65 per cent of the crop. Dispute 9-Cent Figure

At his home in Jasper, Ala. he was quoted as charging the loan was set at 9 instead of 10 cents for the purpose of depressing the price to recapture more of the foreign market. % Department of Agriculture officials point out that 9 cents was decided upon as the best figure to aid the farmer without curtailing trading. Secretary of Agriculture Henry A. Wallace explained that the 65 per cent was decided upon as being the amount that could be handled under the $130,000,000 set aside for cotton loans by the Commodity Credit Corp. It had nothing to do with a similar figure in the old Bankhead law, which was dropped after the AAA decision outlawing crop control as unconstitutional, he said.

Foreign Acreage to Gain

Regardless of the domestic price, foreign acreage will increase in Brazil, Russia and China, Mr. Wallace predicts. A war might depress the price, as it did in 1914, and then. cause unprecedented rises such as. came later in the world conflict, he pointed out. Agriculture commissioners from 10 Southern states boosted the subsidy plan at a meeting in Memphis last week. With the exception of Oscar Johnson, large Mississippi plantation manager, formerly in charge of the AAA cotton pool, nobody wanted crop restrictions. They want subsi-

= 1'2 | dies and expect to demand them in

6215 103%

[+000 1+ . ae

PI-TBIIe sTescnCItd BD 8 W .»

Ya Ya

29%, 292

. @ NT

Congress. State Senator W. B. Roberts of Mississippi advocated Government limitation of cotton going into domestic trade to actual estimated consumption, monopoly ‘price pegging to 20 cents a pound and the “dumping” of all surplus cotton on the world market. He admitted textile tariffs would probably have to be raised to guard against influx of cheap goods from abroad manufaetured from the dumped American cotton.

U. S. STATEMENT

WASHINGTON, Sept. 20 (U. P.).—Government expenses and receipts for the current fiscal year through pt. 17, compared with a year ago:

his Year Expenses ..$1,688,800,053.35 Receipts .. 1,378,374,340.24 D ficit .... 310,425,713.11 3

La ear $1,414, 5 966, § 40.

: ,814,829,541. 4.74 30.386. 9,446.8 Customs 12.31 . 84.829,204.71 Today's Purch. Total Purch. Inactive Gold .$12,413,207.96 $1,134,950,931.02

WASHINGTON, Sept. 20.—With |g

Southern politicians I

Net High Last Change Nat Pwr & Lt.. 83% Nat Steel .. Nat Supply ... 2563 N Y Central ... 26% NYC Omnibus... 22'z N Y Inv 34

Va 32

| Norf & West .. 2

No Amer No Am Avn No Pacific Oe

. 15% 15%

Ohio Oil ...... Eq 47%

Oliver Farm Otis Elev Otis St Owens Ill Glass

Pam Am Fish . 16% G oe

1 & El ... 2

0 eoples Dr .... 4 feiffer Brew ..

PHL

Pitts United ... Poor B .. ...... 1% Port Ric Am A. Press Stl Car .. Proctor & G ... Public Serv .... Pullman Pure Oil ....

—

0B) al ON C0) Ca

{+i I+E

21 1534 25143

21 > 15% 253 —S 203, 47 2g 36 vg 1Yg

@ a DA RNG Ra

Safeway St Jos Lead ... St L-S Fran . . Schenley Dist .. Schulte R Seabd Air L . . Seabd Air L pf. Seabd Oil .. .. Sears Roebuck .

29% 461% 2Ys 3612 1% 32 27 7

8 -s am A

stl

Sparks With .. Sperry-Corp .. Spiegel Inc .... Std Brands .... Std C Tob .....

Sterl Prod .... Stew-War .... Stone & Webb. . Studebaker .... Sun i Sunshine Mi . Superior Oil .. wift & Co.... Swift Intl ve Syming-Gould..

SILER

28 12% Pe Talbott J ...... 8 Tenn Corp .... 934 Wexas Corp .... 48% ex Gulf Prod ... 343g « 10%, 6's 3% 14% . 15% 57 14 10 12Y2 9. 1334 —l— 16 9 al.... 913% Un Paci veeal04 Un Tank 47 Un Aircraft Cp 22% Un Air Lines.. 11% United Corp ... 4's Un Gas Imp ... 12

> 7 . 1233 73% .«. 12% . 40 seni S ... 40 ; . 147% 66 - 83% . 33, 1634 13s Ym 29 40 5% —W— caves og

bp be aon Rt

rh pt

Transamerica .. Trs & West Air {Trans & Wms.. Traux Tra .... Twin Coach ..

LEE

a “2 3 bd ed

Unn B & P new

Lett Vie ® n"

aT OG the @ 0 Ae

CULL IELLL

Van Raalte .... Vic Chem ..... Va-Caro Ch ...

Wabash .. Wabash pf A .. 5% Waldorf Sys ... 10% Walgreen ...... 253% Walker (H) ... 40% Walworth ..... 10% Warner Bros .. 11% Warren Br .... Wayne Pump .. 3 Wes Oil & S Wes

e . Westing El ....1 Wheel Steel ... 42 Wheel Stl pr pf 75 White Mot .... 172 Willys Overland 43% wilson & Co +. 7% Wilson pf Woolworth .... Wrigley «..ee.00 65 — Yellow Tr ..... 16% Young S & W.. 33% Young Sheet re 63 . Gn) 3315 4

1553 33% 63

Zenith Rad .... 33% Zonite 4

LUMBER ACTIVITY DECLINES IN WEEK

Production Ending Sept. 11 Drops 3 Per Cent,

WASHINGTON, Sept. 20 (U. P). —Because of the Labor Day holiday, activity in the lumber industry in the week ended Sept. 11 declined appreciably from the preceding week to 68 per cent of the 1929 weekly average. Production by 536 mills, 3 per cent less than the preceding week, aggregated 231,823,000 feet of hardwoods and softwoods combined, a decrease of 10 per cent from the preceding week’s total of 258,913,000 feet when 553 mills reported. Shipments totaled 199,529,000 feet, 16 per cent less than the 236,831,000 feet shipped a week earlier. New business aggregated 178,008,000 feet, a drop of 15 per cent from the 209,416,000 feet in the previous week. Production was 30 per cent greater than new business and 16 per cent heavier than reported shipments.

rp ———

NEW BOND ISSUES

(By W. L. Lyons & Co.)

: Bid llis-Chalmers Cv. 4%s 52 ++ 108%

A A 103% Atl City 3%s 64 . «97 98% & O 4%s 39 ... 93

94%,

HOGS ADVANCE

25 T0 40 CENTS IN LOCAL YARDS

Dollar as Choice Lambs Steady.

Hog prices responded to a vigorous shipping demand and a fairly liberal supply cleared at 25 to 40 cents higher prices as compared with last week’s close, according to the Bureau of Agricultural Economics. The 25-cent advance applied to weights below 210 pounds, while 210 to 300 pound kinds were 35 to 40 cents up. No schedule was established on weights above 300 pounds, but a few sales of 300-360 pound weights at $11.75@$12.25 reflected the major portion of the upturn. Top of the market climbed to $12.70 on choice 210 to 225 pound weights. Sows were fully 25 cents higher and bulked at [email protected]. Smooth light sows touched $11.50. It was generally a steady market in the cattle yards, practically all killing classes moving at the prevailing levels of last week’s close. Spots of weakness appeared con medium light steers, as well as com-

! mon and medium heifers. Two loads

of prime Illinois-fed steers scaling 1120 pounds sold at $18.50 to set the day’s top. Other sales of steers and yearlings were generally at $9.75 to $15. Not many heifers sold above $11, odd head touching $13. Vealer prices tumbled 50 cents per cwt. this morning. Good to choice vealers moved mostly from $12 to $12.50. Medium kinds, for the most part, fell within the range of $9.50 to $10.50, with a few as high as $11. ; : Good to choice lambs found an outlet at steady rates to both shippers and local packers, with local packers taking the larger share. Common to medium kinds received little attention, selling all the way from weak to 50 cents lower. Good to choice ewe and wether lambs cashed mostly at $1150 to $12. Medium descriptions took the $8.75 to $10 money. Slaughter ewes held steady at $3.50 down.

HOGS

Sept. Bulk Recelbis 13. [email protected] 6000 14. [email protected] + 12.20 12.50

[email protected] 20. [email protected] Light Lights (140-160) Good and Medium

Lightweights— (160-180) Good and edium (180-200) Good and : Medium Meidun Weights—

00-220) Good and and

choice. [email protected] [email protected]

[email protected] . [email protected] [email protected] [email protected]

[email protected] [email protected]

. [email protected] [email protected]

[email protected] 10.75611.00 [email protected]

choice. choice.

choice choice.

and (290-350) Good Packing Sows— (275-350) Good os (250-425) Good .... . (4251450) Good ... (275-550) Medium Slaughter Pigs— (100-140) Good and choice.. ’ Medium CATTLE —Receipts, 1500— Steers

[email protected] 11.253414.75 9.007511.59

[email protected] [email protected]

(550-900) Choice

0 Medium «...eveesn Common (900-1100) PB

sesssse nn

[email protected]

Cc )ne 122 (1100-1300) 2 i

[email protected] [email protected] [email protected] Heifers (550-750) Choice Good

[email protected] . [email protected] Common . [email protected] Good and choice.. Common, medium. : Cows

(750-900) [email protected]

7.25@ 8.75 5.50@ 7.25 -400@ 5.50

Common, medium . Low cutter and cutter .

_1.50@ 8.25

Good (beef) . . 5.25@ 17.50

Cutter, common and medium Vealers —Receipts, T700— Good and choice ...

seas ase ns

ot ft NON ow 000

Calves (250-500): Good and choice.. Common, medium.. Feeder and Stocker Cattle Steers (500-800) Good and choice.. Common, medium.

(800-1050) Good and choice.. Common, medium..

of a8

20 Rw: 38 838%

09 013d

—

— Sn a0 WENO toby boe3 homaboiba ich Tien AIO

Heifers— . Good and choice ......ecuee Common and medium .......

OWS— Good ce. asses ve Commond and medium

SHEEP AND LAMBS —Receipts, 2500—

Spring Lambs— Choice [email protected] Good . [email protected] [email protected] Common 7.50@ 8.50 Shorn Ewes— (90-175) Good and choice... 3.00@ 3.50 Common, medium... 1.75@ 3.00

By United Press

CHICAGO, Sept. 20 (U. P.).—Hogs—Receipts, 12,000, including 2500 directs. Market, steady: cking top, $12.60; bulk ., [email protected]; 150-180 S. [email protected]; 240- 1bs., [email protected];: few 310-350 1bs., [email protected]; most good pack ne om [email protected]; bes lightweights, up to 35. Cattle—Receipts. 21,000; calves, 2500. Strict. rain fed steers and yearlings, fully steady; supply very small. No strictly prime steers; weak to 25 cents lower; grass cows and heifers and short-feds under pressure, teers, $12.50 down; stocker and feeder trade steady: early top fed steers, $18.75; several loads, $19 and above; fed vearly heifers ‘and weighty fleshy cows, fully steady: bulls, fully steady: vealers, steady to 25 cents lower and $13 down. Sheep—Receipts, 16,000, including 8500 directs. n; slow; early sales and bids on natives, 25 cents and more off; talking, $11.15@11. d to choice natives; best, $11.7 steady to easier; ewes, $3.50@ LAFAYETTE, Sept. 20 (U. P.).—Hogs— Market, 20@40c higher; 225 lbs., $12.45@ © 925-275 1bs., [email protected]; 275-325 30; 170-200 lbs. [email protected]; 150-170 1lbs.,

[email protected]; 130-150 $10.75@11; 100-130 lbs.

[email protected]; roughs, $10.75 down. Calves—$11.50 down. Lamb —[email protected].

MEN’S CLOTHING SALES INCREASE NEW YORK, Sept. 20 (U. P)—

‘Renewed consumer buying indicates a strong upturn in the men’s cloth-

hin asl SHAHN 3% 2h ghyl 9 99 9B

sk ling trade this fall, a Dun & Brad-

street survey showed today. .

. [email protected]

. [email protected] [email protected] 2 ] 50 . [email protected] 15.50@ 17.50 [email protected]

[email protected],

1bs.,;

N. Y. Bonds y United Press BOND PRICE INDEXES 20 20 20 _ Inds. Rails Utils. Saturday ...... 90.2 85.3 98.3 Week ago ...... 90.1 85.0 98.8 Month ago .... 91.9 90.3 101.1 Year ago ..... 925 98.1 105.7 Two years ago. 89.3 79.9 100.6 1937 High . 95.0 10L2 106.0 1937 . 90.1 835.0 98.5 1936 94.8 100.4 106.2 1936 ©. 90.0 84.7 1035 1935 . 91.4 86.4 103.6 1935 83.6 TL0 89.3 (1937, Standard Statistics Co.)

U. 8. GOVERNMENT BONDS Treasury Bonds

60 Bonds 91.2 91.3 94.5 98.8 90.0 100.7 91.7 100.2 93.3 93.1 83.0

Hi 1943-41 Mar .... oe ..105 . ..100.13 eevinsve DSS cesesaser 99.35 102.20 Federal Farm Mortgage Bonds 1064-44 102.26 102.26 Home Owners Loan Bonds 2Yss 1944-42 100.6

Abitibi 5s 53 (M)_.. Co Del 45 55 B & O 4Y%s 60 Beth Stl 4Yas 60 103 B & P con 4l2s 9.10%

Studbk 6s 45 Texas Cor 3 Un Pac 1st 47 Younz S & T 4s 61 FOREIGN BONDS High . 37 .113 «18 . 58% German Ts 49 . os 293 Japan 612s 54 ......... 84% Norway 6s 43 .........10512 Peru 6s 60 15%

INTERNATIONAL TRADE PLANNED

Co-operatives Doing Trade of $20,000,000,000 to Open Office in London.

PARIS, Sept. 20.— Decision to open a co-operative buying agency in London has been made by the International Co-operative Wholesale Society, a federation of 27 national co-operative wholesalers, it was reported here today. The national units in this organization handled $20,000,000,000 worth of commodities and services in 1936, its officers reported, and seek to facilitate .an international flow of good through co-operative channels. The meeting of the I. C. W. S. was followed by the Fifteenth Triennial Congress of the International Co-operative Alliance, American delegates proposed the formation of an International Co-operative Petroleum Wholesale, which would make available greater support for the processing and shipping of oil from American co-operatives to European groups. The proposal was referred to a committee for consideration. The foundation for such an enterprise was laid by recent shipments from Consumers Co-operative Association, North Kansas City, Mo., to co-operatives in Scotland, France, Belgium and Estonia.

LOCAL ISSUES

(By Indianapolis Bond & Share Co The jolowine quotations do not es sent actual bids or offerings but merely jndicase + ihe Srriosunats market Jevel an recent transactions. Ssiing inquiries or

BONDS

Bi 4Y%s 61 ey 5%as 55 ...103% 6s 43 .104%2

xBelt RR St Yds com ........ 5512 xMelt RR 8t Yds pfd ........ 56% Cent Ind Power pfd 7S ...... 22% ome T & TFt W Ts ...... 50%2 xHook Drug Inc com ........ 16 xInd & Mich E Ts . 1 0

P R Mallory com Ind Pub Serv Co 2a 5s. Serv Dis 6s .

Union Title Van Camp Milk pid . Van Camp Milk Co.com .

xEx-dividend. - (By M. P. Crist & Co.) Market St. Investing Corp... 29.15

FOREIGN EXCHANGE

NEW YORK. Sept. 20 (U. P.).—Obening foreign exchange irregular. Net J Cable Rates 4.95 13-16 ( 6 ) . 1.00

com Co

BUENOS AIRES, Sept futures opened lower. ° $1.23%, off ¥C;: Febru Oct off %c;

Corn — ober, 56¢ 58%4c, off Vic. Oats—Spot, 28%ec, un-

| broilers, 1937 stock, 2

STOCK BROKERS FIGHT AGAINST

RULES OF SEC

Fear Interference With Market ‘Liquidity,’ Flynn Asserts.

By JOHN T. FLYNN Times Special Writer NEW YORK, Sept. 20.—The New York Stock Exchange is now wage ing a determined fight to weaken even the mild rules imposed by the Securities and Exchange Commis= sion. Its chief reason is that these rules are interfering with the financing of business by checking what it calls “liquidity” in the market. A stock broker is a businessman, He makes his” money out. of several forms of activity. One is handling the buying and selling of securities for clients. Therefore it is clear that he ~=an make a lot of money only when there is plenty of buying and selling. And of course he can be counted on to believe that anything that interferes with plenty of buying and selling is a bad thing. It is a bad thing for him. He also makes money trading in stocks on his own account. As a matter of fact, ‘he makes more money that-'way than any othe way. For instance, in 1933 a lead ing specialist on the Exchange whos earnings were disclosed to the Sen ate Banking Committee, earne $298,000 in commissions, but h earned $1,147,000 on his own specu lations. He was merely one of man whose records revealed the same. Trading and its ‘profits are, o course, not very juicy when the pub lic is not coming into the marke in great numbers. Is it not natural, therefore, tha the brokers should be deeply resents ful of anything which might tend to interfere with this trading?

Mr. Flynn

Two Questions

But there are two questions which must be asked and answered. First, is this so-called liquidity—a great deal of security trading—essential to industry? Does it perform any useful function? - Second, is the SEC really interfering with this liquidity? I think it must be conceded that there has been a check on security trading resulting from several factors. (1) The 55 per cent margin certainly cuts down security specu=lation. (2) The law making manipulation unlawful and the trials

‘funder that law has certainly tended

to cut down manipulation. I do not know of anything else which the SEC has done which has cut security trading. But will anyone come out and advocate the abandonment of the law prohibiting security manipulation — fake stock transactions, pools, etc.? Does any serious per=son believe that buying shares of stock on a shoestring should be permitted or that that is essential to American business? After all, when a man buys shares. ought he not to be required to put up at least half or a little more than half of what they cost? “There is no other part of that law or any rule of the commission itself that has prevented a single person from buying shares. This leaves the question—is liquid= ity necessary to the financing of industry? “And how far has liquidity been restricted and what has limited it, if anything? That we must con= sider another time. (Copyright, 1937, NEA Service, Inc.) or me

WILL BE DISCUSSED

Speakers Named for Meet« ing in Cleveland Oct. 13.

the 24th annual convention of the Mortgage Bankers’ Association of America, to be held in Cleveland on Oct. 13, 14 and 15 were announced

president. . They will include Carroll B. Merriam, director of the Reconstruction

? | Finance Corp.; Charles F. Williams,

president of Western and Scuthern Life Insurance Co. of Cincinnati; Governor William I. Myers of the Farm Credit Administration, and Henry Bruere, president of the ‘Bowery Savings Bank, New York. Governor Myers will address the convention on “Co-operative Credit: How It Is Operating.” Mr. Merriam will speak on “What .of Our Stewardship?” following the annual presidential address.

LOCAL PRODUCE

(The ‘ ices quoted are paid for stock gathered in the country, while for deliv= eries in Indianapolis the prices are 1 cent higher. Each full case of eggs must weigh 55 pounds gross.) Eggs—No. 1 strictly fresh, loss off, 19e¢

doz. Heavy breed hens, 5 lbs. and over, 18¢: sghorn hens, 13c; heavy breed proilers, 1937 stock, 2 > p

lbs. and over, 18c; ers, 1937 stock, 5 lbs. and 9c; ducks; full

broi old

bareback over, l4c; roosters feathered and fat, s. and. over, 5c; geese, full-feathered and fat, 9 to 14 1bs.,

38@38%c; No. 2, 36@ 33¢; No. 2, 3le.

iC. Butter—No. 1, 36%c. Butterfat, No.

Commercial Banking Savings Trusts !

"American National Bank

AT INDIANAPOLIS

MORTGAGE SITUATION

CHICAGO, Sept. 20.—Speakers for

here today by James W. Collins,

PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX Week Year NEW YORK, Sept. 20 (U. P.).—Dun & Brad- Ago Ago street's daily weighted' price index of 30 basic com- 10125 .0938 modities, compiled for United Press (1930-1932 aver- 18% age 100): a " Plas £0 oonrunn. 137.90] 1937 high April 5) 158.26 186% N y 08 REO coaveios 1835 N Y State Elec Gas 4s 65 .... 95% Month ago .....:. 137.74] 1937 low (Sept. 1) 137.05 Northern State P 32s 67 .... 97, come from farm districts, the survey added, and a further stimulus would

sie dnt 14 Ohio Public Service 4s 63 ....102% 05 Following are the commodity prices in compiling the daily 4 . 58 “2 be provided by a more general adop-

065215 Pac Lighting 4las saves eee 1040: price index. 881% '3 y Commodity— tion of installment selling.

Co 3%s 52 ......107 5958 s 42 sae erss103 | Wheat, No, 2 red (bu) «ceceune

443; 3 FOOD PRICES Corn, No. 2 vellow (bu.) «.coee

18.50 23.23 CHIC : Rye, No. 2 (bu.) .... 4.35 a EEL Tames Cosas). | Oats. No. 2 white (bu) ..-..-.. 2325 Carrots—Illinois, bunches, 3g8tc. Spin- | Flour, Spg. pat. (196-1b. sack).. 60.00 ‘sch—Michigan, bushel _S1@ 2 irae Lard, prime steam spt. (1b) ... Douglas Fir, rough (M ft.) ..... 52.50 52.50 —Colorado, * %[email protected], Peas | Coffee. Rio 7s spt (Ib) ....coche Gasoline, tank wagon (gal).... 095 093 .087 Colorado, h a Sugar. raw 96 test (1b) ...ceune Butter, 92 score (1b.) ....c.ce00

Co do, Crude Oil, 40 gravity (bblL)..... 27 1.27 1.18 chigan, 6 (Source of quotes: Chicago—G . . , st (50-1b. Zacks) Towa Hogs. avg. most sales (Ib) ...e c rains, livestock, lard, steel Mn Steers, avg. most sales (1b.)..ce

changed. JFlax--October, LS $1.36%. off Dec.

"QUALITY, SERVICE and SAFETY FIRST"

has characterized the progress of the Indianapolis Life Insurance Company, through its nearly one-third of a century in Business. : MPLETE LIFE INSURANCE SERVICE—POLICIES j TO FIT EVERY NEED. :

INDIANAPOLIS LIFE INSURANCE CO.

30th and Meridian. Edward B. Raub, - A. LeRoy Portteus, President Vice President

The trade is prepared for a more $1.37, off %c: continuous broadening - despite the : irregular rate of spring and sumfla Power iF 94 |mer, and conservative trade estiI er iy, bi mutes seb 1981 reiall vies he at about 20 per cent above 1936.

Naira Sie 3's 66 Much of the improvement should

68 +... 95 veneer 104% .100%

Commodity— Lambs, avg. most sales (Ib.) ... Hides, native hvy. steers (1b.).. Wool, fine unwash. comb. (1b.). Cotton, Midupland (1b) ....... Silk, 13-15 deniers Jap (Ib.) ... Rubber, spt. smk. rib (1b.) ..... Copper, electrolytic (1b.) .c.co.0 Lead, spot (Ib.) «c.coecicecnncse Zino, spot (Ib) ......ceveesence Tin, Straits spot (Ib.)....c.ccc0 Silver, comml. bars (02.) ...... Steel Scrap. Chi. (ton) ........ Pig Iron, Iron Age comp. (ton). Coke, Connellsville (ton) ...... Cement, dom. Portland (bbl.).. Yellow Pine, 6-in. base (tM ft.)..

Today A113 JA81% 41 0903 1.90 .1853 14 065212 068714 59% 4434 1715 .23.25 4.35 2.25 60.00

138.94 | Year ago ......... 13248

. Year Ago

$1.15% 1.14 . 933% 46 7.675 1187 073% 0350 35%

Week Ago $1.09 1.063% 827% 33% 6.975 1055 09 0350 34% 1175 +1750

Wisc G. 28 Wisc Pub Svc 4s 61

LAND BANK BONDS

Bid Ask Yield 3s July 1955-45 ..100% © = 10033 91 3s. Jan. 1956-46 ..100% 1005s ¥ 3s May 1956-4 100%, 100 34s MY Lie ol 102 Ss 3 109% 4s ov. 1967-37 4s ay 1958-38 4%s May 1957-37 .. 4%as Nov. 1958-38 ..103

Today $1.077% 1.16%

- + LIVERPOOL WHEAT ? Prev

Beh Low Close Close October .....$1.3 $1.20, $1.29Y $1.31% December ... 1.30 1.28% 1.20% 1.31% March ....... 1.24% 1.22% 1.22% 1.25%

etsessecsen A

WINNIPEG WHEAT : Quen Change October «...ec.ceveee ...$1.25a —lac

Maes = 13 —hel

ellows, 70c

LR scrap and hides; Boston—Wool; East St. Louis—Zinec; Con- ; nelsville—~Coke; Tulsa—Crude oil; New York—All others).

A » tds

Yellows 85 ; n 9-1 103% 8